Economics - Macro Vocab 1

Dollar amount of all final goods and services produced within a country's national borders in a year

• National Income Accounting

• Gross Domestic Product

• Net National Product

• Gross National Product

System of statistics and accounts that track overall economic performance

• Gross Domestic Product

• Gross National Product

• Net National Product

• National Income Accounting

Dollar value of all final goods, services, and structures produced in one year with labor and property supplied by U.S. residents

• Gross Domestic Product

• Gross National Product

• Net National Product

• Output-Expenditure Model

Calculated by subtracting depreciation from GNP

• Gross Domestic Product

• Gross National Product

• Net National Product

• Output-Expenditure Model

Macroeconomic model used to analyze the economy's performance

• Gross Domestic Product

• Gross National Product

• Net National Product

• Output-Expenditure Model

A representative selection of goods and services

• Price index

• Real GDP

• Consumer price index

• Market basket

A statistical series that can be used to measure changes in prices over time

• Price index

• Real GDP

• Consumer price index

• Market basket

GDP adjusted to remove the distortion of inflation

• Price index

• Real GDP

• Consumer price index

• Market basket

Price index of about 90,000 items in 364 categories

• Price index

• Real GDP

• Consumer price index

• Market basket

Index of prices received by domestic producers for their output

• Price index

• Real GDP

• Consumer price index

• Producer price index